28 August 2017 - Janet Bird
Card payments are now the preferred payment option for almost 60 percent of Brits, new research has revealed.
Indeed, the research from First Data showed that 43 percent of shoppers would rather walk away from a purchase if they could not pay by card than visit an ATM to withdraw cash to complete the transaction.
Half of respondents said having to go to an ATM put them off using cash, while 35 percent were concerned by the fact cash is easily stolen.
Perhaps unsurprisingly, those aged over 55 were more wedded to banknotes than those from the younger generation, with 69 percent saying they still carried cash in case of an emergency and only 20 percent prepared to give it up altogether compared to 50 percent of 18-24 year olds.
First Data said the research findings showed retailers without digital payment facilities face the risk of losing nearly half their customers as busy consumers put convenience first.